SAN FRANCISCO (Thomson Financial) - Petroleum Development Corp. on Tuesday
reported a first-quarter adjusted profit of $11.2 million, or 75 cents a share,
below the 95-cent mean estimate of analysts polled by Thomson Reuters.
In the same quarter last year, adjusted income was $6.5 million, or 43 cents
a share.
On a net basis, the Bridgeport, W.Va.-based oil and natural gas company
posted a loss of $13.9 million, or 95 cents a share, including a non-cash charge
of $39.9 million related to derivatives. In the year-ago quarter, net income was
$2.5 million, or 17 cents a share.
Revenue in the period ended March 31 was flat at $58.1 million versus $57.9
million, while oil and gas sales rose to $71.6 million from $34 million.
Analysts were looking for revenue of $99 million.
Oil and gas production increased 59% to 8.45 billion cubic feet equivalent
in the first quarter.
Shares of Petroleum Development fell 3.7% to $70.85.
Gabriel Madway
gm
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